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May 11, 2017

“Wisdom is sometimes wrapped in an ugly experience.”

 

Despite knowing what to do, a great many would-be entrepreneurs never take the steps to get started because they are afraid of failure. But what if you could reframe the way you think about failure, and see it not just as an opportunity, but maybe even a necessity?

 

Today’s guest takes grit to another level, and if setbacks in your business have tempted you to quit, his story will inspire you to play the long game and view mistakes as opportunities for growth. Damion Lupo is a serial entrepreneur, having started 30-plus businesses. His latest venture is Total Control Financial, an Austin-based FinTech that seeks to disrupt Wall Street and empower individuals to take control of their own financial future. He is also the author of five books on finance, investments, and personal growth.

 

Damion has a history of bold moves, getting his start in real estate by purchasing a rental house with his VISA. Over the next five years, he grew the business to include 150 houses in seven states. He took a $20M hit in 2008, but used the lessons from that epic failure to reinvent himself – and write a book about the road back, Reinvented Life. Today, Damion is a consultant and coach who appears regularly on podcasts and radio shows centered around finances and personal development. Listen in as he shares his personal philosophy of 10X thinking, advice regarding retirement planning, and strategies to help you view setbacks with gratitude.

 

Key Takeaways

Damion’s advice about going all-in

  • Stay in motion and you won’t have time for the fear
  • Quit you ‘day job’ when you realize you’re stretched too thin
  • Trust that the universe will give you signs when it’s time

 

Why it’s important to play the ‘long game’

  • A business takes time to grow
  • Plant the seeds by sharing who you are
  • Then adopt a willingness to let things germinate

 

Damion’s 10X thinking

  • Say no to being satisfied with 10% growth
  • Ask yourself, ‘How can I make this year 10 times bigger?’
  • Surround yourself with people who will help catapult you into a bigger space
  • Remember that exponential growth makes you 10 times more impactful

 

The significance of reviewing big picture goals quarterly

  • Understand the numbers and assess your progress regularly
  • Don’t waste nine months going the wrong way
  • ‘Go where the puck is going’ by anticipating changes

 

How Damion frames failure

  • Our mistakes are not us
  • Wisdom is sometimes wrapped in an ugly experience
  • View mistakes with gratitude (that’s how you grow)
  • Failure allows you to reinvent yourself

 

Damion’s advice on writing books

  • Open up a channel by committing to write 20 words
  • Allot a specific amount of dedicated time
  • Consider hiring someone to hold you accountable

 

Damion’s tips for retirement planning

  • Do something today
  • Build the confidence to make your own decisions

 

How to identify a professional financial advisor

  • Weed out the ‘salespeople’
  • Find out if they have created wealth themselves via what they’re selling

 

The benefits of the eQRP as a retirement vehicle

  • Gives you control of your investments
  • Allows you to contribute $50,000/year
  • Empowers consumers

 

Damion’s first steps to retirement savings

  • Educate yourself
  • Play Cashflow to understand how you interact with money, finance, and investments

 

Resources

Grit: The Power of Passion and Perseverance by Angela Duckworth

The ONE Thing: The Surprisingly Simple Truth Behind Extraordinary Results by Gary Keller with Jay Papasan

CASHFLOW Board Game

CASHFLOW App

 

Connect with Damion Lupo

Total Control Financial Website

Facebook

Twitter

LinkedIn

Damion’s Books

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